Sunday, September 27, 2015

Last Week Was A Complete Range Bound Week For NIFTY As Nifty
Fluctuated Between Supports & Resistances And Moving In A Very Narrow Band
Of 8021 To 7723 Which Is A 300 Nifty Points Range

7700-7668 Is The KEY SUPPORT Zone Which MUST NOT Broken If
Bulls Are To Have Upper Hand In Coming Week/Weeks

Even After Good Bounce Back On Last Two Days I Believe The
Short Term Trend Can Remain Down If NIFTY Can Not Close Above 7900

Once Above 7900 NIFTY Should Reach 8021-8092 First And 8204
Is Also Possible On The Upside

As Being Shown Here There Is A Visible INVERTED HEAD &
SHOULDER Price Pattern On NIFTY As Well As BANKNIFTY Charts Bulls Will Try To
Cross The NECKLINE

NIFTY EOD CHART:

For The Medium Term Trend A NIFTY CLOSE Above 8321 Is An
Absolute Must And I Hope With Our Daily Technical Views We Will Be Able To Ride
The Trend

One Can See A BROADENING PRICE Structure As Drawn On This
WEEKLY NIFTY CHART Which Suggests That There Will Be A Lot Of Supports At Lower
Levels Even If NIFTY Can Not Hold 7668 In Coming Days On The Bearish News Flow
If The NIFTY Moves Down 7759 Will Be An Important Support Too

WEEKLY NIFTY 240915:

BANK NIFTY TECHNICAL VIEW :

With The Strength Of A Few Private Banks Like YESBANK /AXIS
/INDUSIND /KOTAK Bank Nifty Showed A Better Positive Move In The Past Week

Even After A STRONG BEARISH Candle On 22nd BANKNIFTY
Remained Above Key Support At 16681 And After Last 2 Days Positive Move BANK
NIFTY Seems Even More Bullish So Once Above 17660 BNF Should Easily Reach
17901-18034

If BNF Can Close Above 17660 On Monday Itself Expect Better
Than Expected RBI Policy Announcement On Tuesday

But Before Or After RBI Day Please Watch 16681 On A Closing
Basis Because If BNF Closes Below 16681 Bullish Structure Will Be Damaged I Am
Expecting A Level Around 18000 First

Monday, September 21, 2015

One Can See How We Have Described The Present Move In Our
Market TREND Wise

It Has Been A Mixed Bag As NIFTY Has Crossed Some Short Term
Resistance Levels The SHORT TERM Trend Is Up But On The Weekly Charts The
Medium Term Trend Will Remain Down Unless We Have A Strong Close Above 8300-8330 Zone

While LONG TERM TREND Remains Clearly Up

On 8th September When NIFTY Closed Above 7623 I Had
Initiated Upper Targets Of 7865-7966-8092
As NIFTY Continued To Show Some Strength On Day To Day Basis

On 18th NIFTY Closed Above 7966 But Could Manage A HIGH Of
8055 Before Closing Way Below 8055

There Was GAP UP Opening Which Is BULLISH But The CANDLE
FORMATION At The EOD Is A SHOOTING STAR Which Is A Probable REVERSAL PATTERN

7967-7913 Is The BULLISH
GAP Zone So A CLOSE Below 7913 In
Next Couple Of Days Will Be REVERSAL Of The Short Term Trend

NIFTY EOD 180915:

Since We Have Seen A 500 Point Rally From The BOTTOM At 7539
To 8055 There Will Be A Possibility Of A HIGHER BOTTOM Formation On Daily
Charts One Can Not Say That By CLOSING Below 7913 NIFTY Will Again Resume The
Down Trend

7854 And 7793 Will
Be Possible First Targets If NIFTY Closes Below 7913

Looking At The WEEKLY CHART Of NIFTY One Can See That There
is A Candle Reversal Pattern Called A MORNING STAR

But Since We Do Not Have A HIGHER TOP-HIGHER BOTTOM
Formation On Daily Chart I Believe That EVEN IF We Have Strong Bottom In Place
At 7539 We Should Have A DOUBLE BOTTOM Kind Of PRICE PATTERN With DOUBLE CANDLE
REVERSAL Pattern On WEEKLY Chart In A 2/3 Weeks Time

There Is Surely A Probable Fresh Leg Of Down Ward Move
Possible If The World Markets Continues To Remain Weak As They Are Right Now

Tried To Show A Probable Move On This Weekly Chart

WEEKLY CHART NIFTY 180915:

BANKNIFTY :

I Had Given Targets Of 17088-17291 For BANKNIFTY In Nearly
All My Technical Reports On BANKNIFTY During Last 8-10 Days

Even Earlier When Our First TARGET For BNF Was 16100 On The
Down Side I Had Clear Comment On ALL Charts Of BANKNIFTY That We Will See A
Strong Bounce Back From Around 16100

One Must Read Comments On This Chart Published On 2nd
September When Bears Were In Full Control

BANKNIFTY CHART POSTED ON 020915:

And Here Is The Updated Chart Of BANKNIFTY

As One Can See This EOD Chart Of BANKNIFTY That 17492 Was
Our 2Nd Target On The Upside Which Was 50% Retracement Of The Down Move

One Must Watch The BULLISH GAP 17156-17015 On Closing Basis
Because If BANKNIFTY Closes Below 17015 It May Test Supports At 16681-16518 As
SHORT TERM Down Side Targets

Monday, September 14, 2015

A Strong Bounce Back From One Target Of 7538 A Big Bullish Gap
Up Followed By A Strong Up Move Which Resisted At 7866 Another Day Comes With Big
Gap Down Which Fills The Bullish Gap Gets Support At 7700 And On Friday Again NIFTY Got Resisted At
7878 As NECKLINE Levels Were 7865-7880 And Closed at 7785
Against Our Supports Mentioned Were 7771-7789 That Is The Story
Of Wild Swings Nifty Had During The Week

NIFTY Did Give A Positive Weekly Close But Candle Stick
Pattern Suggests The Recovery Can Be Just A Pause And Yet Again We May See A
Few More Side Ways Days Before A New Down Leg Gets Initiated

Looking At INTRADAY Charts There Is Still A Possible
''INVERTED HEAD & SHOULDER'' Pattern Developing But The POSITIVE Structure
Seems To Have Weakened With Last Half An Hour Sell Off On Friday

A Very Important Support For The Week is 7700 And 7661 But A
Move Back To 7700 Or Below In First Few Days Of Week Will Completely Erase The
Positive H&S Pattern On Intraday Charts

But Somehow If On Monday It Self NIFTY Moves Beyond
7880-7904 A Smart Rally Can Be On The Cards Again

For The Medium Term The Neckline Drawn On The Attached
Weekly Chart Is The KEY RESISTANCE Line For NIFTY To Be Watched

BANKNIFTY :

BNF Was Supposed To Move Higher On Provided It Could Cross
16800 And In The Morning Itself BNF Touched 16798 And Remained Below It For The
Whole Day

On Intraday Charts The POSITIVE Structure Seems To Have
Weakened But An HOURLY CLOSE Above 16800 Can Once Again Take BANKNIFTY To
Higher Levels Like 17082

Friday, September 11, 2015

A Strong Bounce Back From One Target Of 7538 A Big Bullish Gap
Up Followed By A Strong Up Move Which Resisted At 7866 Another Day Comes With Big
Gap Down Which Fills The Bullish Gap Gets Support At 7700 That Is The Story Of Wild Swings
Nifty Has During The Week

All Levels On Either Side Worked Nicely Even In Such A
Volatile Move And Since NIFTY Got Support From 7700 Today If NF Can Remain
Above 7771-7789 There Will Be Fair Chance Of Nifty Crossing 7865 And Can Touch 7966
Which Is Also Another Bearish Gap

A Short Term Positive INVERTED H&S Pattern is Visible On
Intraday Charts

Neckline At 7866-7880 A Volume Spike In Last Half Hour Of
Trade Suggests A Possible NF Targets Of 7973 -8102

Also Note How Earlier High-Lows Does Match With Fibonacci
Retracements Suggests We Have A Meaningful Bottom In Place

Caution Is Advised Though That If Such A Visible PATTERN
Fails There Could Be A Severe Down Side

NIFTY INTRADAY CHART :

BANKNIFTY:

BNF Finally Did Close Above 16604-16670 Once Above 16800 BNF
Has A Target Of 17083 And 17484 Too Possible If The Bullish Momentum Continues

16400 Is Now A STOP For Long Position In BNF

Similar To NIFTY Here Too We Can See How A Few Earlier
HIGH-LOWs Does Match With Fibonacci Retracement Levels As Shown On This
INTRADAY BNF Chart

Thursday, September 10, 2015

A CLOSE ABOVE 7726-7754 IS THE FIRST CONDITION TO HAVE A
MEANINGFULL UPSIDE WHICH MAY HAVE BEEN INITIATED TODAY

AFTER THAT 13 DAY EMA --NOW AT 7866 AND 7964 CAN
BECOME FIRST NIFTY TARGETS

Nifty Did Everything In A Single Day It Opened With A GAP
Above Our Levels And NF Did Touch 7865 Precisely Before Closing At 7817

Supply Has Been Seen From 7866 Still We Have A Nice Positive
Close Above A Few Earlier Lows And With A BULLISH GAP Which Now Becomes A Good
Support And For Near Future A CLOSE BELOW This GAP Is Our STOP For Bullish
Positions

In The Process Of Forming A HIGHER BOTTOM On Intraday Charts
If NIFTY Comes To The Level Of 7752-7734 And Does Not CLOSE Below 7700 It Can
Be A Good Buying Opportunity Again

A Sustained NF Move Below 7700 Will Probably End The Two Day
Rally

BANKNIFTY :

BNF Underperformed NF Yesterday And Even Though Closed With
A BULLISH GAP BANKNIFTY Could Not Close Above Our Levels

This Was My Comment About BANKNIFTY Yesterday

'' BANK NIFTY Has To CLOSE Above 16607-16670 To Have A
Probable Up Side Of Up To 17088 As One Target If This Does Not Happen Soon The
Down Move Can Again Resume''

BNF Just Managed To Close At 16604

16414-16318 Are Two Support Levels For BNF And If
It Sustains Below Them It Will Open Up Further Down Side

Watch An Hourly CLOSE Above 16670 Today Or Tomorrow For
Further Up Side

Friday, September 4, 2015

NIFTY Left One Down Side Gap Between 7921-7947 That Becomes
A Major Hurdle Now And Before That NIFTY Has To Close An HOUR Above 7862 For NF
An Hourly Close Above 7870 Will Make It Rally Further

There Was A Clear Suggestion To Enter Long If Nifty Crosses
7885 Yesterday And Once Above 7885 There Was Good Intraday Move Taking NF to
7870

But NIFTY Failed To CLOSE Above 7862

Now We Have Two Very Good Levels For Both Sides If NF Trades
Below 7780 Expect Further Weakness And If It Trades Above 7870 Expect 7921 As
First Target

BANKNIFTY:

SUPPORTS: 16320-16218

RESISTANCE: 16670-16983

BANK NIFTY Has Just Managed To Close Above 16550 There Will
be Some More Up Side If Today It Can Move & Sustain Above 16670

If Above 16670 We May See 16983

If BNF Moves Again Below 16340 Yesterdays Up Move May Get
Negated

One Must Not Forget That Bottom Fishing Is Not A Great Trade
When There Is A Bear Grip On Markets But Since There Seems A Possible Sideways
Move In A Broad Range Of 7700-8100 For NIFTY & 16100-17000 For BNF We Can
Have Some Good Intraday Long Side Trades

There is A Very Distinct Possibility That After Some
Corrective Move We Will See New Lows